US Mint & US Bullion Coins

US Mint

The US Mint and its satellite branches produce all Gold, Silver and Platinum, American Eagle, US bullion coins.

To
provide maximum availability for the public, the United States Mint
distributes US Bullion coins through a network of wholesalers, brokerage companies, precious metal firms, coin dealers, and participating banks, a network known as "Authorized Purchasers."

The United States Mint also produces all coins for circulation and Precious Metals Commemorative Coins.

For instance, in 2010, the U.S. Mint produced a total of 28 billion coins.

You can purchase Commemorative Coins and other coins directly through the U.S. Mint's Website here.

US Mint History

First Director of the US Mint

The First Director of the United States Mint

After the U.S. Constitution's ratification, Secretary of the
Treasury Alexander Hamilton prepared plans for a National Mint.

On April 2, 1792, Congress passed The Coinage Act.

President George Washington appointed David Rittenhouse, a
former treasurer of Pennsylvania, to become the first Director of
the United States Mint.

His annual
salary was $2000.00.

David Rittenhouse was also a celebrated astronomer and philosopher.

His achievements readily place him in the same distinguished class as Benjamin Franklin.

Rittenhouse believed that a coin’s design was a piece of
artwork.

A year after Rittenhouse was appointed, the first coins were
minted.

Silver “half dimes” were the
first official U.S. coins ever struck, it is rumored that the silver came from
George and Martha Washington’s very own silverware.

The Coinage Act created the U.S. Mint and authorized construction of the first United States Mint to be built in Philadelphia, PA., which at the time was the nation’s capital.

Shortly
after David Rittenhouse’s appointment as Director of the U.S. Mint, on
July 18, 1792, he purchased two lots of land at Seventh Street and 631
Filbert Street for $4,266.66, in Philadelphia.

The construction of the first U.S. Mint began on July 31, 1792, by September, 1792; the first building was ready for installation of the smelting furnace.

The smelt house was the first government building erected by the United States.

"Ye Olde Mint" (1792 - 1833)

A three-story brick structure was built a few months later; it bore the name "Ye Olde Mint," and faced Seventh Street. (Pictured left)

It contained basement vaults where gold, silver and copper were stored, with pressed coins.

Ye Olde Mint produced coins at this location for more than 20 years.

Unfortunately in 1816, there was a fire at the Mint destroying the smelter house and the mill house.

The mill house, burned to the ground, but it was replaced with a large brick building; it included a new powerful steam engine in the basement to run the coin pressing machinery, on the floor above.

The smelting house was not rebuilt and was moved to a second Philadelphia location.

In 1833, all mint operations were moved to the second Philadelphia mint and the lots, that the first U.S. Mint stood upon, were sold.

The "Ye Olde Mint" building was demolished a few years after the photo above was taken, in 1908.

In comparison of production capacity, the modern Philadelphia Mint can currently strike as many as one million coins in a half an hour, whereas it would have taken the “Ye Olde Mint” three years to produce the same amount of coins.

Designers & Engravers

The designer and engraver of each US coin, has their initials inscribed on the side of the coin they designed. As with most modern US coins, if the specified side of the coin has the same designer and engraver, you can find his or her initials on the left side of the coin.

However, if the coin has a different Designer and Engraver, the engraver's initial would be found on the left and the designer's initials would be found on the right side of the coin.

This procedure is used for most modern US coins. However, coins that use a design from a coin created before this practice was commonplace, the initials of the designer or engraver are can be found somewhere in the lower half of the coin. (Ex: US Gold Buffalo bullion coin)

United States Circulated coins also display the designers and engravers initials. Even though the initials can be hard to see, they are there, once in a while you may need a magnifying glass to locate them.

US Bullion Coin Values

The "Face Value" of a bullion coin, does not represent the "Real Value" of a precious metal bullion coins.

US
Bullion Coins are bought and sold based on the current market spot price of
gold, silver or platinum, plus a small premium to cover minting,
handling, distribution, and marketing costs.

Gold, Silver and Platinum Spot Price Charts are located on every one of the bullion coin pages below.